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Ecobank declares N40.3bn profit before tax in Q1

Ecobank Transnational Incorporated (ETI) has released its first-quarter (Q1) 2021 unaudited results for the period ended March 31st, 2021 showing remarkable performance in all the key financial indices.

The pan-African bank recorded a Profit Before Tax (PBT) of N40.3 billion, representing 22 percent increase over the N33 billion reported at the same time in 2020. Profit After Tax (PAT) closed at N30.5 billion.

The result submitted to the Nigerian Stock Exchange on Monday indicated gross earnings of N214.3 billion representing 10 percent increase against N194.9 billion during the same period in 2020. Similarly, revenue went up by 15 percent to N 164.6 billion; operating income before impairment losses up by 37 percent to N 67.0 billion, and total assets went up 1 percent to N10.4 trillion.

However, loans and advances to customers went down by 1 percent to N 3.6 trillion and total equity also reduced by 2 percent to N8 trillion.

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Analysts linked this remarkable improvement in the bank’s financials despite global economic challenges to its digital platform and innovative products and services.

“We are focusing on achieving execution momentum in our payment business, the sustained reliability of all our platforms, driving increased adoption of our products and services, bringing our Non-Performing Loan (NPL) ratio low and exceeding the expectations of our customers to truly be the pan-African bank that Africa trusts,” Ade Ayeyemi, Ecobank Group CEO, said.

He noted that “these, together with all our investments and achievements to date, will enable us to collectively grow revenues and generate long-term return of capital to our shareholders, despite the near-term challenges from COVID-19”.

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